What's ur spin??

[Carmine]

Hi everyone. Was looking through my March issue of Hemmings Muscle Machines. In the back they profiled a late 2018 Bonhams and Worldwide Auction sales. A total of 15 cars were shown, out of how many, I don't know. (Yes I do. 109 of 135 sold). Not a one sold for the average selling price. Some considerably less. For instance, a 1957 Corvette in #1 condition, sold for $106,400.00. Average selling price for that car is $190,000.00. In the narrative it was claimed that they gave it a $161,000.00 restoration. WOW . Someone took it on the chin. Seven had an undisclosed reserve and 8 had no reserve at all. Two of the undisclosed reserve did sell, but again, for less then the average selling price. So, what's ur spin on this?? Car prices coming down?? Maybe a bad day at the auction?? Tough time of the year?? They collectively sold abut 38 million dollars in cars, so they can't be that small. I don't know what to make of it myself, Carmine.

 

[1958 delivery]

My take, those examples have no connection to realty, at least for the average person.

 

[Don Jacks]

I agree with Mike.These B-J and Mecum auctions have driven a lot of prices upwards,most of the time,unrealisticly so.If you're rebuilding an old car and you expect to make money by selling it soon as it's done,you need to check whatever it is that you're smoking and/or drinking.

 

[1964SuperStocker]

My company goes to Mecum and buys cars all of the time. The competition isn't between dealers anymore. Its between that guy that must have his favorite car, his favorite color with the motor he has always wanted. We don't buy favorite anything. We buy the cars that need work and they still go for stupid money but we have no choice but to pay more and more each year just to get our hands on enough iron to stay in business. No car comes away from auction no needing a bunch of work and we have 4 full time mechanics and a detail staff to work on making them what they have to be for us to sell anything.

 

[Carmine]

I agree with Mike.These B-J and Mecum auctions have driven a lot of prices upwards,most of the time,unrealisticly so.If you're rebuilding an old car and you expect to make money by selling it soon as it's done,you need to check whatever it is that you're smoking and/or drinking.

That's funny Don. I wouldn't even consider going to a B-J auction, even as a spectator. I'm sure the cost of their tickets are out of sight. Now Mecum, that could be a different story. I've seen a few cars go across their block, on tv, at what I thought was a reasonable price, and might have bid on them if I was registered properly. They are coming to Harrisburg, PA, this summer, and I hope to attend. I haven't given up yet looking for a car on line, although I am close. Seems, I run into either POS scammers or rude, discourteous people who don't return phone calls. Sometimes, I question how serious a seller they can be. There is a really big car corral/flea market coming to Carlisle, PA, in April. It's about 3.5 hours from me. Haven't been in years but I do know it makes for a very long day. I hope to go but will probably stay overnight. Even bigger one in Hershey, PA., the following weekend. If any members happen to go to either show, would you happen to know if they list the cars for sale in the car corral?? I certainly would like to know what is for sale ahead of time, Carmine.

 

[Carmine]

My company goes to Mecum and buys cars all of the time. The competition isn't between dealers anymore. Its between that guy that must have his favorite car, his favorite color with the motor he has always wanted. We don't buy favorite anything. We buy the cars that need work and they still go for stupid money but we have no choice but to pay more and more each year just to get our hands on enough iron to stay in business. No car comes away from auction no needing a bunch of work and we have 4 full time mechanics and a detail staff to work on making them what they have to be for us to sell anything.

Just curious if you can share, but about how much money do you guys drop at Mecum's?? Thanks, Carmine.

 

[Phil Reed]

$1350.

 

[1964SuperStocker]

Just curious if you can share, but about how much money do you guys drop at Mecum's?? Thanks, Carmine.

Depends. We want at least 6 cars. (One truck load) but have pulled home 15 cars once. It varies. Cost is dependant upon what we buy them for.

 

[Tom Kochtanek]

Just out to curiosity, what company might this be? I'm guessing you purchase at auction, add value, then sell at retail?

Do you do the interiors?

So many questions .

I've been to a few Mecum auctions (KC) and one B-J in Scottsdale in January. The B-J event is a HUGE showing of really rare cars, muscle cars, sports cars, antiques, you name it. Lots of celebrities. A fun social event highlighted by a wide away of awesome cars.

The Mecum events I've attended are lower volume, more regional, and priced more affordably. I've heard of some who purchase at one Mecum and sell at another, so prices vary with region. I suspect Kissimmee cars go higher than Kansas City cars, etc.

Just my perspective. I'd go to a Mecum to be local, see a lot of shiny cars in one place, and have a day of it. Barrett Jackson for me was a one time event, a bit overwhelming but glad I went. Both will serve to motivate you, and might even make you feel good about what you have in the barn .

TomK

 

[1964SuperStocker]

American Dream Machines. Been there since 2014.
Www.admcars.com
I personally do all of the upholstery for them (and every other guy I know). My full-time gig is shooting all of the pictures and videos for ADM. Then i drag myself home and wrench on my own cars.

 

[1964SuperStocker]

Keep in mind Mecum is retail now. It used to be just dealers but the general public is there now. Many cars at the auction actually travel around to different auctions until they sell. Very common in the business. We never sell cars at auction. You can't fix everything and expect people at an auction to care or bid accordingly. We find solid cars to build on.

 

[Phil Reed]

I'll take the 61 fuelie!!!! Where does Russ have to send the money for me????

 

[La Hot Rods]

How is your ratio of good cars, I work on auction bought cars, shiny on top and rough on the bottom.

 

[4onthefloor]

The only way to get a decent deal at auction is in the first day or 2. The prime time spots is where the stupid money is. Look at the tards spending stupid money at BJ for restomods. They wait until they get hammered and the cameras show up. I see some decent cars go thru reasonably in the first day or 2. Probably look better on TV but if you have to gomto an auction for a hobbyist, go early

 

[1964SuperStocker]

How is your ratio of good cars, I work on auction bought cars, shiny on top and rough on the bottom.

The current owner (I'll own it some day) is known as "Doug on the rug" because we crawl under every car and make sure they are solid underneath no matter how they look on top. I pushed my team away from a beautiful 1963 Impala 409 SS conv that sold for $85 grand a couple years back because the car was missing spotwelds on the underside. Anyone ever see a factory car with no spotwelds on the rockers? That's what you call junk. When the body guys get carried away making everything to nice on the bottom that you can no longer make out the factory imperfections then you know a bunch of work has been done to make it like that. It was painted up real pretty but we can't take a risk on pretty.

 

[nomad59NZ]

How is your ratio of good cars, I work on auction bought cars, shiny on top and rough on the bottom.

James, think you mean that these are a bit like a mudguard "Shiny on top & Sh_T underneath"
Gav

 

[Phalen409]

Just looked at your ADM stable of cars!......What a great looking group of cars.

 

[Carmine]

409, post: 442521, member: 3642"]Just looked at your ADM stable of cars!......What a great looking group of cars.[/QUOTE]

Ditto. Couldn't agree more. Took a look myself. Very impressive, not only with the present stock, but what was previously sold. You guys really have alot of cars alright. Done up beautifully from what I could see. You could have your own auction lol. I will be checking that site from time to time, Carmine.

 

[DonSSDD]

I always saw what looked like low prices on many early week sales at BJ. You’d have to see the car though to know how good or bad the deal was. Don’t buy the cars you see sold on tv, the “my dick is bigger than your dick” thing kicks in when the cameras show up.

 

[1964SuperStocker]

We don't go to Barrett. To go that far means shipping will be a fortune for each car. Not to mention we would be bidding against every dick known to man. We have talked about going for fun. Kind of like SEMA, go for fun only.